Rivas Pleads Guilty
CHATTANOOGA (WRCB) -- A man will spend 24 years in prison for swinding Chattanoogans out of millions of dollars.
Luis Rivas was sentenced Thursday in federal court.
He led one of the biggest Ponzi schemes in the Southeast, cheating investors in 23-states out of $18-million.
But that amount was probably much larger, according to prosecutors.
Rivas once had an office in Chattanooga.
Some people gave him their entire life savings to invest.